Equate's Net Profit Soars; KPPC Makes First Shipment of Aromatics

3:39 AM MST | February 7, 2011 | Natasha Alperowicz

Equate Petrochemical Co. (Kuwait City) has announced net profit of $800 million for the fiscal year ending December 31st 2010, an increase of 73% over 2009. The company, a joint venture between Petrochemical Industries Co. (PIC), Dow Chemical, Boubyan Petrochemical Co. and Qurain Petrochemical Industries Co., reported sales exceeding $2 billion in 2010, a record result. "These profits were realized due to high efficiency in operating all production units, as well as the global rise in prices of petrochemical products, despite gas feedstock limitations facing...